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Question - On June 30, Year 3, Vernon Company's total current assets were $500,000 and its total current liabilities were $276,000. On, July 1, Year 3, Vernon issued a short-term note to a bank for $40,800 cash.
Required -
a. Compute Vernon's working capital before and after issuing the note.
b. Compute Vernon's current ratio before and after issuing the note.
Accounting Change and Error Analysis on December 31, 2010, before the books were closed, the management and accountants of Madras a Inc. made the following determinations about three depreciable assets.
Suppose the opportunity cost of capital is 10 percent and you have just won a $1 million lottery that entitles you to $100,000 at the end of each of the next ten years.
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Pina Colada Corp. reports the following for the month of June. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO
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hoi chong transport ltd. operates a fleet of delivery trucks in singapore. the company has determined that if a truck
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